Blockchain Group Everledger Gets $20M Funding

RAPAPORT... Chinese internet giant Tencent Holdings has led a $20 million investment in technology company Everledger, which provides blockchain services to the diamond industry.

Everledger will use the money from the Series A funding round to finance its growth. The company, whose clients include Gübelin Gem Lab, Chow Tai Fook and Hari Krishna Exports, also
received investments from Graphene Ventures, Bloomberg Beta, Rakuten, Fidelity
and Vickers Venture Partners.

“Having this strong investor cohort join us at this stage in
our development is both validation of the innovation we’ve displayed to date
and a statement of future intent,” Everledger CEO Leanne Kemp said Tuesday.
“They will support us bringing more visibility to good business practices in
industries that impact millions, if not billions, of people in developing
countries.”

Additionally, Tencent, which will have representation on Everledger’s board,
will partner on the launch of a WeChat Mini Program for blockchain-enabled
diamonds. The project will unite key stakeholders in the diamond value chain,
in an effort to spur WeChat users to buy jewelry with more transparency and
security, Kemp explained.

“We are excited to see how this new partnership with Tencent
will help to strengthen and extend our developments in China and contribute to
other potential partnerships,” she added.